take a higher note with investor who is taking into effect the obama tax rates which could be pushing them up into a 50% bracket which lends you to see a taxable equivalent yield of 9% to 9.2%. that's a lot to pass up for an investor who is getting asurety of that return. >> talking about the search for yield and reach for yield, but we tend to think of it strictly in terms of the equity markets, not muni bonds as much as we did, say a year ago. >> it's easy owe make will call because munis got hurt on the detroit concern. is that an issue we'll see further problems with other municipalities down the road? >> that's a great point, bob. i think you'll see more complicated issues per state, but those are the ones where, you know, a good portfolio manager is going to look and say what are the revenues and tax revenues that will always be there? we'll be in our cars and rvs passing through turn pikes. >> you betcha. >> but it's an important point, and also to your point about china just getting back to the global markets. you're looking at a pe ratio going forward in the capital markets i